Japan to sell oil from state reserve in early February 2022

Japan will hold a tender on February 9 for the sale of oil from state reserves in order to reduce fuel prices. 100,000 kiloliters from storage in Kagoshima prefecture (Kyushu island) will be put for a tender, ngv reports, citing the Japanese Ministry of Economy, Trade, and Industry, Report informs.
In November, Prime Minister Fumio Kishida announced that his country would join the US initiative and release some oil from its strategic reserves (rising world oil prices have driven record-high gasoline prices in the country). At that point, no specific volumes were mentioned.

In total, the government plans to sell 4.2 million barrels of reserve oil, according to the Nikkei newspaper. In addition to the United States and Japan, China, India (5 million barrels), and the United Kingdom (1.5 million barrels) announced similar measures.

The South Korean government will release 3.17 million barrels of crude from state oil reserves. The move will help stabilize fuel prices.

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